When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

G20 Meeting: Japan's Deputy Foreign Minister Kenji Yamada will participate in the G20 Foreign Ministers meeting in India

Japan's Vice Foreign Minister Kenji Yamada is scheduled to visit New Delhi, India to attend the G

RCB vs GT: These eleven players will make you rich in Dream-11! Blindly make this strong player the captain.

After facing a crushing defeat at their home ground, Gujarat Titans have now reached their home t

'What can you expect from a failed CM?', Chandrashekhar Azad furious at Yogi Adityanath's statement on Sambhal-Ayodhya and Bangladesh

Uttar Pradesh Chief Minister Yogi Adityanath on Thursday (December 5, 2024) said on the situation

Elvish Yadav: Mother became unconscious after the arrest of Elvish Yadav, and heartbreaking video viral on social media

The troubles of 'Bigg Boss OTT 2' winner and famous YouTuber Elvish Yadav are not showing any sig

'Singham' Ajay Devgan is coming to create panic on OTT as 'Rudra', the trailer of the debut web series is coming

The year 2022 is going to be very special for OTT platforms. Many big Bollywood stars will hit th

Israel Hamas War: 'This is a time of great tension', US Secretary of State Fears Gaza war may increase

US Secretary of State Antony Blinken warned on Sunday that the ongoing fighting in Gaza could esc

Lok Sabha Election 2024: 100 more CAPF companies will be deployed on election duty in Bengal, Election Commission's decision after the attack on NIA

Just before the Lok Sabha elections, the Election Commission is taking necessary action to conduc

Delhi government presents Rs 69,000 crore 'patriotic budget' for FY 2021-22

Delhi Budget 2021-22: The Aam Aadmi Party (AAP) government of Delhi on Tuesday presented a propos

President Election: Members of many opposition parties voted for Draupadi Murmu in the presidential election, know why cross voting happened, and what will be its effect?

Voting took place on Monday for the 16th presidential election. More than 99 percent of MPs and M

Patna High Court reprimanded the Bihar government, said - If the situation is not improving then hand over the responsibility of Covid management to the army

The Patna High Court has once reprimanded the Bihar government amid Corona's increasing cases. Du

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash